What was the original motor that was attached to the alpha 1 outdrive?
It would be best if it was from a 120/140/3.0 so the gear ratio would be correct.
Need more info to help.
What's the diameter of current prop?
What rpm's are you getting at WOT and what's the recommended WOT?
What's your top speed now?
There should be manuals available on ebay.
If you provide the serial numbers of the drive and motor and approximate year, someone can point you in the right direction.
My Honda kicker weighs about 85 lbs.
I've towed many miles with it and no issues.
I keep the motor in the down position.
I have an OMC bracket, can't speak for panther.
Older 2 strokes have there own ways to start especially cold.
Whatever works is the correct method.
Advancing the throttle by pushing that button accomplishes the same thing as the idle control lever.
You don't mention anything about using the choke?
No need to disconnect fuel line.
With it disconnected there's a good chance fuel might go where you don't want it.
As others said, there's something wrong with the gauge or maybe it wasn't screwed in enough.
Even with the short video you can see the temp gauge go up slightly.
You could disconnect the wire at the temp alarm sender and see if the alarm goes off just over 170.